Abstract
This chapter examines the nature of waqf land and properties development and reviews the role of institutions in waqf land and properties development in Muslim countries. The study shows that the development of waqf land faces many problems and challenges among others such as lack of financial resources, undeveloped and unproductive waqf land, loopholes in the legal framework, unregistered waqf land, waqf on leasehold land, and land classified as heritage. Accordingly, the potential contribution of these institutions hinges on improving its efficiency. Thus, this study proposes a new framework that Awqaf institutions in Muslim countries should consider undertaking waqf land development through the issuance of sukuk and developing cash waqf fund.
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Notes
- 1.
Some of the development of the Waqf properties after assessing its risk and return analysis has resort to the method of joint development. In the leasing contract (hukr) which includes the terms for the refurbishment against the lease terms and condition, an amount will be computed for the total amount of refurbishment to be undertaken.
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Zulkhibri, M. (2017). The Nature of Waqf Land and Properties Development in Muslim Countries. In: Zulkhibri, M., Ismail, A. (eds) Financial Inclusion and Poverty Alleviation. Palgrave Studies in Islamic Banking, Finance, and Economics. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-69799-4_8
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DOI: https://doi.org/10.1007/978-3-319-69799-4_8
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